South Korea and China, the largest shipbuilding nations, are helping their maritime industries weather a cargo slump. Their aid may prolong the slowdown. … Aid will safeguard ship orders even after overcapacity and slowing trade caused container rates to slide about 30 percent from a year earlier in the third quarter and dry-bulk rates to plunge 61 percent. Declining vessel prices mean banks can’t cover losses on defaulted loans by seizing ships. Some vessels now being delivered are worth less than half the price agreed to in contracts three or four years ago.
